South Korea’s Lotte Group Scouting for Investment Opportunities in Israel

Lotte Group Chairman Shin Dong-bin is visiting Israel this week to seek business opportunities in high-tech sectors and learn about the country’s advanced startup ecosystem.

As part of his visit, the chairman of South Korea’s fifth-largest conglomerate will meet with senior officials and business executives.

On Sunday, Shin met with Israel’s Economy Minister Eli Cohen to discuss ways to strengthen partnership with Israeli tech companies and startups.

The chairman told the minister that Lotte plans to invest in Israel’s innovative companies in the areas of agriculture, robots, and artificial intelligence for the group’s future growth.

Minister Cohen vowed “sufficient support” for Lotte, adding that global companies have already set up research and development units in Israel in search of startups developing breakthrough technologies. 

Shin and Cohen also shared views on growing expectations for bilateral economic ties between Korea and Israel as the two countries have been speeding up efforts to finalize negotiations for a free trade agreement. 

During his visit to Israel, Shin will meet with startups that participated in The Bridge, a Tel-Aviv startup commercialization program sponsored by Coca-Cola, Turner Broadcasting Corp., and Mercedes-Benz, as well as companies represented by Israel-based Pitango Venture Capital and Israeli Foodtech Incubator The Kitchen.

 

[Sources: The Korea Times, CTech, Korea Herald]